Companies and investors based in the United Kingdom recently urged the UK government to make it compulsory for large companies to now disclose their plans for net-zero climate transition.
The companies that requested the government makes disclosure mandatory included well-known businesses like telecoms giant BT (BT. L), supermarket chain Tesco (TSCO. L) and insurer Aviva (AV. L).
To date, the British government has requested that companies voluntarily disclose their plans for transition and the setting of net-zero targets prior to the COP26 climate summit, which is due to be held in Glasgow next month.
However, the enterprises, which include investors that are managing over 4.5 trillion pounds’ worth of assets, believe that this request was not sufficient. Instead, they have urged the government to make 2025 a mandatory deadline for large firms to disclose their plans.
The companies have commented that compulsory transition plans are essential if businesses’ net-zero commitments are to effectively amount to the required decrease in global emissions necessary to meet targets set by the Paris Agreement.
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